Business
Genesis Proposes to Restate Financials for the Quarter Ended September 30, 2008
CALGARY, Jan. 12 /CNW/ - As a result of preliminary work done in anticipation of the preparation ...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 12 /CNW/ - As a result of preliminary work done in\nanticipation of the preparation of Genesis Land Development Corp.'s (the\n"Company" or "Genesis") fourth quarter financial statements, management has\ndetermined that certain revenues earned in the third quarter of 2008 should\nnot have been recognized. In relation to one specific lot sales transaction\nfor approximately $4.5 million that was recognized as revenue for the period,\nit has been deemed that the revenue should have been deferred until certain\nother criteria are met.\n\n\nManagement are currently working to prepare restated financial statements\nfor the quarter ended September 30, 2008, and expect to release these shortly.\nThe statements for the third quarter of 2008 as released by Genesis on\nNovember 14, 2008 should not be relied upon.\n\n\nManagement remains confident that revenue associated with this bulk lot\nsale will ultimately be recognized in future quarters.\n\n\nCertain statements in this news release could constitute forward-looking\nstatements. The Company's line of business involves risk, uncertainties and\nother factors which may cause actual results, performance or achievements of\nGenesis to be materially different from any future results, performance or\nachievements expressed or implied by such forward-looking statements. Such\nfactors include the number of dwelling sites that Genesis will actually\ndevelop and sell and Genesis' ability to collect amounts owing from lot\npurchasers.\n\n\n","length":1575,"tagName":"div"}]